European Equities Give Back Friday's Gains As EUR Tumbles Most In Almost 3 Months

Friday's ramp-fest in European stocks - which did not appear to be correspondingly followed by European sovereign debt - was largely retraced today. Extended by the bullish bias from the US NFP data (and closed before the US data BLShit sunk in), it seems that not just the catch down drove stocks in Europe (and Europe's VIX) but anxiety ahead of the expected wall of noise from European leaders ahead of their meetings (which we have already suffered today). European government bonds leaked lower (yields/spreads higher) and Swiss 2Y rates dropped to their lowest in a month (though still well above the mid-crisis safety panic levels of a few months ago). European credit also slid - tending to follow equities this time.

EURUSD's drop matched its lowest drop in almost 3 months...

European sovereigns leaked higher...

and European stocks gave back Friday's gains...

Charts: Bloomberg

Bonus Chart: EURUSD is its richest to impled-swap-spread levels in over a year - at almost 2 sigma...